Chevron receives US$900 million after selling stakes in three Nigerian OMLs

Thursday, 14 November 2013 09:30

All three companies have an MoU to work with each other in the three acreages. (Image source: Lindsey Gee/Flickr)Chevron has announced that it has acquired around US$900mn after selling its equities in three oil mining licences (OMLs) onshore Nigeria

The company will now move on to finalise the sale of its 40 per cent equity in OMLs 83 and 85, offshore of the current mouth of the Niger Delta Basin, the company said.

All three companies, however, have a memoranda of understanding (MoU) to work with each other in the three acreages, Chevron said.

Seplat had bid for all the three assets when the auction began in July this year. It indicated in its bid that it was partnering with Amni Petroleum for OML 52, which lies along the latter’s OML 117. The Nigerian firm said that it would buy stakes for OMLs 53 and 55 and share holdings of OML 52 with Amni Petroleum.

Seplat sources said that it has been keen on OML 53, whose undeveloped Ohaji South Field is also the most resourced of the three properties, according to Chevron’s Information Memorandum that had quoted the Nigerian department of Petroleum Resources (DPR).

Out of the proven reserves estimates of 555mn barrels of oil equivalent for the three tracts, OML 53 reportedly contains 310mn barrels of oil equivalent.